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The global smart elevators market size is expected to experience a significant growth by reaching USD 38.27 billion by 2027. This is attributable to the growing demand for energy-efficient elevators across the globe. Fortune Business Insights published this information in its latest report, titled, “Smart Elevator Market Size, Share & COVID-19 Impact Analysis, By Setup (New Deployment, Modernization and Maintenance), By Installation (Low & Mid Rise and High Rise), By Carriage (Passenger and Freight), By Application (Residential, Commercial and Industrial) and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 18.75 billion in 2019 and is projected to exhibit a CAGR of 9.1% between 2020 and 2027.
thyssenkrupp Announces Acquisition of Nashville Machine Elevator to Expand its Presence
In May 2020, thyssenkrupp announced the acquisition of Nashville Machine Elevator that propels it to increase its presence across Tennessee, USA. The acquisition with an undisclosed amount is expected to lead to the expansion and growth of thyssenkrupp Elevator’s products and services in North America. Additionally, the company has announced that it will build the first-ever tallest smart elevator as a part of its new headquarters in Atlanta, U.S.
“Among one of our most trusted distributors, Nashville Machine Elevator has on a consistent basis showcased its commitment and expertise to our state-of-the-art smart elevators technology and services.”, says Steve Wedge, Interim CEO, thyssenkrupp Elevator. Similarly, the other companies are focusing on acquiring other players in a bid to boost their sales revenue. This is expected to bode well for the growth of these elevators market during the forecast period.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/smart-elevator-market-102369
Growing Demand for Energy-efficient Elevators to Promote Growth
The mechanical geared elevators consume a large amount of energy that leads to high operating costs. Owing to the increasing environmental concerns and the surging demand for energy-efficient businesses, the manufacturers are focusing on producing smart elevators that reduce operational costs and increase productivity. For instance, the adoption of innovative permanent magnet synchronous (PMS) gearless traction machines technology results in 50% less consumption of energy than conventional elevators. In addition to this, they are compact, light, and agile and the increasing adoption of these machines is expected to contribute to the growth of the global market in the forthcoming years.
Merger and Acquisition by Major Companies to Strengthen Their Market Positions
The global smart elevator market is fragmented by the presence of major companies such as KONE Corporation, Hitachi Ltd., and Schindler, among others. They are focusing on acquiring other small companies to expand their presence and consolidate their position in the fiercely competitive global marketplace. Furthermore, the adoption of strategies such as partnership, collaboration, and the introduction of new products by key players are expected to contribute to the growth of the market in the forthcoming years.
Industry Development:
List of the Companies Operating in the Market:
Further Report Findings:
Table of Segmentation:
ATTRIBUTE | DETAILS |
Study Period | 2016-2027 |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Period | 2016-2018 |
Unit | Value (USD Billion) |
Segmentation | By Setup
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By Installation
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By Carriage Type
| |
By Application
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By Region
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